Acquisition Grows Brand’s Presence to Country’s Three Largest
Metropolitan Areas
LOS ANGELES--(BUSINESS WIRE)--
MedMen
Enterprises Inc. (“MedMen” or the “Company”) (CSE: MMEN) (OTCQB:
MMNFF) (FSE: A2JM6N) today announced that it has signed a definitive
agreement (the “Agreement”) to acquire Seven Point, a licensed medical
cannabis dispensary located in the historic Chicago suburb of Oak Park,
Illinois.
Illinois is one of the fastest growing medical marijuana markets in the
country. Since the beginning of the year the number of qualifying
patients increased 41 percent to 42,203, and retail cannabis sales grew
35 percent, according to the state. Illinois also expanded its medical
cannabis program recently to allow people who have been prescribed
opioids the opportunity to obtain temporary medical cannabis cards.
“This acquisition brings the MedMen brand to yet another major stage,”
said MedMen CEO and Co-founder Adam Bierman. “MedMen has established a
presence in the primary markets of California, Nevada and New York. Our
strategy has been to put our brand in high visibility commercial
districts in popular locations like Beverly Hills, Manhattan, Las Vegas,
and Oak Park, just outside Chicago, fits the mold perfectly.”
Seven Point is located in a high foot traffic shopping district among
popular restaurants, cafes and major retailers like Whole Foods, Gap and
Pier 1. This week, MedMen also announced the acquisition of a medical
marijuana dispensary in Scottsdale, Arizona, as well as cultivation and
processing operations. Currently, MedMen operates dispensaries in three
states, including seven in the Los Angeles area and one in Manhattan.
“Seven Point is proud of its strong commitment to the local medical
patient community and the loyal following we have built over the years,”
said Brad Zerman, chief executive of Seven Point. “MedMen will continue
that tradition while bringing its industry-leading retail operations and
commitment to quality and service.”
As consideration for the acquisition, the Company will pay a combination
of cash at closing, deferred cash and shares of MedMen Enterprises,
Inc., an amount not deemed material. The transaction is expected to
close within 90 days and is subject to customary closing conditions,
including state approval.
ABOUT MEDMEN:
MedMen Enterprises is a leading cannabis company in the U.S. with assets
and operations across the country. Based in Los Angeles, MedMen brings
expertise and capital to the cannabis industry and is one of the
nation’s largest financial supporters of progressive marijuana laws.
Visit http://www.medmen.com
Cautionary Note Regarding Forward-Looking Information and Statements
This press release contains certain “forward-looking information”
within the meaning of applicable Canadian securities legislation and may
also contain statements that may constitute “forward-looking statements”
within the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995. Such forward-looking
information and forward-looking statements are not representative of
historical facts or information or current condition, but instead
represent only MedMen’s beliefs regarding future events, plans or
objectives, many of which, by their nature, are inherently uncertain and
outside of MedMen’s control. Generally, such forward-looking information
or forward-looking statements can be identified by the use of
forward-looking terminology such as “plans”, “expects” or “does not
expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”,
“intends”, “anticipates” or “does not anticipate”, or “believes”, or
variations of such words and phrases or may contain statements that
certain actions, events or results “may”, “could”, “would”, “might” or
“will be taken”, “will continue”, “will occur” or “will be achieved”.
The forward-looking information and forward-looking statements contained
herein may include, but are not limited to, information concerning the
proposed acquisition, expectations regarding whether the proposed
acquisition will be consummated, including whether conditions to the
consummation of the proposed acquisition will be satisfied and whether
the proposed acquisition will be completed on the current terms, the
timing for completing the proposed acquisition, expectations for the
effects of the proposed acquisition or the ability of the Company to
successfully achieve business objectives, expectations regarding the
Illinois cannabis market and expectations for other economic, business,
and/or competitive factors.
By identifying such information and statements in this manner, MedMen
is alerting the reader that such information and statements are subject
to known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or achievements
of MedMen to be materially different from those expressed or implied by
such information and statements. In addition, in connection with the
forward-looking information and forward-looking statements contained in
this press release, MedMen has made certain assumptions. Among the key
factors that could cause actual results to differ materially from those
projected in the forward-looking information and statements are the
following: the ability to consummate the proposed acquisition; the
ability to obtain requisite regulatory approvals and third party
consents and the satisfaction of other conditions to the consummation of
the proposed acquisition on the proposed terms and schedule; the
potential impact of the announcement or consummation of the proposed
acquisition on relationships, including with regulatory bodies,
employees, suppliers, customers and competitors; changes in general
economic, business and political conditions, including changes in the
financial markets; changes in applicable laws; compliance with extensive
government regulation; and the diversion of management time on the
proposed acquisition. Should one or more of these risks, uncertainties
or other factors materialize, or should assumptions underlying the
forward-looking information or statements prove incorrect, actual
results may vary materially from those described herein as intended,
planned, anticipated, believed, estimated or expected.
Although MedMen believes that the assumptions and factors used in
preparing, and the expectations contained in, the forward-looking
information and statements are reasonable, undue reliance should not be
placed on such information and statements, and no assurance or guarantee
can be given that such forward-looking information and statements will
prove to be accurate, as actual results and future events could differ
materially from those anticipated in such information and statements.
The forward-looking information and forward-looking statements contained
in this press release are made as of the date of this press release, and
MedMen does not undertake to update any forward-looking information
and/or forward-looking statements that are contained or referenced
herein, except in accordance with applicable securities laws. All
subsequent written and oral forward-looking information and statements
attributable to MedMen or persons acting on its behalf is expressly
qualified in its entirety by this notice.
SOURCE: MedMen Enterprises
View source version on businesswire.com:
https://www.businesswire.com/news/home/20181003005308/en/
MedMen Enterprises
MEDIA CONTACT:
Briana Chester,
424-888-4260
Senior Publicist
briana.chester@medmen.com
or
INVESTOR
RELATIONS CONTACT:
Stéphanie Van Hassel, 323-705-3025
Head
of Investor Relations
investors@medmen.com
Source: MedMen Enterprises